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Reportedly, a fraudulent mobile application claiming to be the Uniswap exchange stole money from an investor, offering an important reminder of the scams still pervading the nascent cryptocurrency industry.
Alex Saunders, founder and CEO of Nuggets News, based in Australia, recently reported that one of its members lost $ 20,000 to a fake Uniswap mobile application that was listed in the Google Play Store. The app, called “Uniswap DEX”, was released on November 10 by a person or entity called Uniswap Inc.
The user reportedly entered the private key backup phrase, expecting to access Uniswap’s decentralized exchange, when the theft occurred.
At press time, the app had 123 positive (possibly false) reviews on the Google Play Store and was still available for download. More than 100 people have downloaded the app so far
Uniswap has quickly emerged as the most popular decentralized exchange for traders looking to access small cap altcoins and other assets not readily available on major platforms such as Coinbase or Kraken. The platform allows users to deposit funds from their Ethereum wallets, but does not currently offer a mobile app.
There is currently more than $ 1.3 billion of total value locked into Uniswap, making it the largest decentralized financial exchange.
Ponzi schemes, scams and other scams have plagued the cryptocurrency market for years. Chainanalysis research shows that fraud cost investors at least $ 4.3 billion in 2019, compared to $ 3 billion in the previous two years combined.
Crypto scams have become so pervasive that the California Attorney General has urged the public to be wary of shady deals in this industry. In a statement published on August 7, Xavier Becerra said:
“Recently, unscrupulous actors have impersonated well-known politicians, celebrities and corporate executives on social media and YouTube channels in ‘giveaway’ scams that falsely promised, for example, to double any digital asset sent to a specific digital asset portfolio.”
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